KUALA LUMPUR (July 26): Hibiscus Petroleum Bhd has secured an option to participate in the VIC/P74 exploration permit in Australia.
In a statement today, Hibiscus said its Australian Stock Exchange-listed associate company 3D Oil Ltd had been awarded the permit in the offshore Gippsland Basin by the National Offshore Petroleum Titles Administrator.
The firm said the 1,006km2 permit is located on the southern side of the Gippsland Basin, adjacent to the Kingfish oilfield.
Hibiscus said the Kingfish oilfield is the largest oilfield ever discovered in Australia and to date has produced over one billion barrels of oil.
The firm said it has 30 days to enter into a joint venture with 3D Oil for up to a 50% non-operated interest in VIC/P74 on a ground floor basis.
Hibiscus's unit Oceania Hibiscus Sdn Bhd holds 11.7% equity interest in 3D Oil.
Meanwhile, 3D Oil holds interests in three other offshore permits — 24.9% in VIC/P57, which is also located in the Gippsland Basin, 100% in T/49P in the Otway Basin adjacent to the Thylacine Gas Field, and 100% in WA527P in the Bedout sub-basin, adjacent to the recent significant oil discovery at Dorado.
Hibiscus holds 75.1% direct interest in VIC/P57 and 100% interest in VIC/L31, which is also located in the Gippsland Basin.
At the midday break, Hibiscus was flat at RM1.06 for a market capitalisation of RM1.68 billion.